BlackRock Inc. Makes New $21.66 Million Investment in Commercial Bancgroup, Inc. $CBK

Key Points

• BlackRock acquired 670,950 shares of Commercial Bancgroup during the second quarter, valued at approximately $21.66 million and representing about 4.9% of the company.
• Commercial Bancgroup reported quarterly EPS of $0.75 on $24.16 million in revenue, with a 30.07% net margin and 14.06% return on equity.
• The company raised its quarterly dividend from $0.10 to $0.12 per share, implying an annualized dividend of $0.48 and a 1.4% yield. Analysts have an average “Hold” rating and a $39.50 price target.

BlackRock Inc. purchased a new position in Commercial Bancgroup, Inc. (NASDAQ:CBK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 670,950 shares of the company's stock, valued at approximately $21,665,000. BlackRock Inc. owned about 4.90% of Commercial Bancgroup at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. bought a new position in shares of Commercial Bancgroup during the fourth quarter worth about $19,478,000. Mendon Capital Advisors Corp acquired a new stake in shares of Commercial Bancgroup in the fourth quarter valued at $9,206,000. Jacobs Asset Management LLC acquired a new position in shares of Commercial Bancgroup in the 4th quarter worth approximately $7,859,000. Petiole USA ltd bought a new stake in Commercial Bancgroup during the fourth quarter worth approximately $7,675,000. Finally, JBF Capital Inc. acquired a new position in shares of Commercial Bancgroup in the 4th quarter worth $6,140,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on CBK shares. Hovde Group upped their price target on shares of Commercial Bancgroup from $34.00 to $39.50 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Weiss Ratings raised shares of Commercial Bancgroup from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Commercial Bancgroup has an average rating of "Hold" and an average target price of $39.50.

Commercial Bancgroup Stock Up 1.9%

NASDAQ CBK opened at $34.39 on Thursday. Commercial Bancgroup, Inc. has a one year low of $23.24 and a one year high of $35.78. The firm has a market cap of $471.14 million and a PE ratio of 11.78. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.06 and a quick ratio of 1.06. The stock's 50 day simple moving average is $33.86 and its 200 day simple moving average is $29.99.

Commercial Bancgroup (NASDAQ:CBK - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.75 earnings per share (EPS) for the quarter. The business had revenue of $24.16 million for the quarter. Commercial Bancgroup had a net margin of 30.07% and a return on equity of 14.06%.

Commercial Bancgroup Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 15th. This is a boost from Commercial Bancgroup's previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.4%. Commercial Bancgroup's dividend payout ratio is 13.70%.

Commercial Bancgroup Profile

We are a bank holding company headquartered in Harrogate, Tennessee, and have elected under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), to become a financial holding company. We were incorporated in Tennessee in 1975, and we operate primarily through our wholly owned bank subsidiary, Commercial Bank, a Tennessee banking corporation organized in 1976. The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee.

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